The Obama administration’s mortgage relief program, originally intended to shield three million households from foreclosure, now looks as if it will permanently help as few as one-sixth of that number.
While millions say they need help avoiding foreclosure and many struggling households applied, data released Friday showed the dropout rate from the Making Home Affordable Program [...]
Archive for the ‘US Finance’ Category
U.S. Mortgage Relief Effort Is Falling Short of Its Goal
August 23rd, 2010 by Mortgage Writer
Tags: borrower, foreclosures, home loans, housing market, mortgage brokers, mortgage lenders, mortgage modification, mortgage payments, real estate, US Economy
more...Federal government should begin withdrawal from mortgage business
August 20th, 2010 by Mortgage Writer
The country’s housing finance system is in dire need of revamping — this is a consensus. But the question is how to fix it. The best answer is to phase out most forms of federal mortgage support and get taxpayers out of the mortgage-backing business.
At a conference to discuss possibilities earlier this week, U.S. Treasury [...]
Tags: fannie mae, Freddie Mac, housing market, mortgage financing, mortgage loans, mortgage market, subprime mortgages
Mortgage Closing Costs Surge in 2010
August 18th, 2010 by Mortgage Writer
Some interesting info from Bankrate yesterday via Housing Wire’s Christine Ricciardi. It appears that average closing costs on mortgages increased 36.6 percent from 2009 to 2010. That is obviously a pretty substantial jump at a time when the average American’s finances have been negatively effected by the economy.
Average closing costs went from $2,739 in 2009 [...]
Tags: economy, lenders, mortgage loans, mortgage market, mortgage rates, subprime loans, subprime mortgages
3 days to cancel mortgage app
August 17th, 2010 by Mortgage Writer
Regulators want to give you the right to cancel a mortgage application within three days and get a refund of the fees you paid.
The little-noticed proposal was included in a 930-page document that the Federal Reserve published Monday in the Federal Register. Here’s the proposal; it’s a 6.9-megabyte PDF file.
The Fed’s Proustian tome is a [...]
Tags: borrowers, federal reserve, lenders, money, mortgage brokers, mortgage lenders, mortgage loans, mortgage rates, secure loans
Fed plans mortgage payment disclosure rule
August 16th, 2010 by Mortgage Writer
The Federal Reserve on Monday issued a package of rules and proposals for mortgages, including a measure that would require lenders to disclose to borrowers how their mortgage payments can change over time.
The provision, which is an interim rule that would take effect on Jan. 30, 2011, seeks to make sure borrowers are alerted to [...]
Tags: borrowers, central bank's, economy, federal reserve, housing market, mortgage, mortgage lenders, mortgage loans, mortgage payments, US Economy
Mortgage Bonds Pare Relative Declines Amid Worst Trading Month Since 2008
August 15th, 2010 by Mortgage Writer
Fannie Mae and Freddie Mac mortgage bonds pared losses relative to Treasuries with the market for government-backed home-loan debt heading for its worst month since 2008 at the height of the global financial crisis.
Fannie Mae’s 30-year fixed-rate mortgage securities with 4.5 percent coupons rose 0.08 cent on the dollar in comparison with U.S. government notes [...]
Tags: fannie mae, financial crisis, Freddie Mac, home prices, homeowners, interest rates, mortgage bonds, mortgage market, mortgage securities
Fannie Mortgage Bonds Drop Most Since February on Refinancing
August 13th, 2010 by Mortgage Writer
Fannie Mae and Freddie Mac mortgage securities tumbled, with prices for certain debt declining the most relative to U.S. Treasuries over two days since February on concern that refinancing will accelerate after the Federal Reserve said it would buy more government notes.
Fannie Mae’s 30-year fixed-rate securities with 6 percent coupons fell 0.25 cent on the [...]
Tags: borrowers, fannie mae, federal reserve, financial market, foreclosures, Freddie Mac, home loans, housing market, mortgage bonds, mortgage securities
Unemployed Homeowners to Get $3 Billion in Aid
August 11th, 2010 by Mortgage Writer
The Obama administration plans to make an additional $3 billion in aid available to help unemployed homeowners struggling to make their mortgage payments.
The administration on Wednesday outlined a plan to add $2 billion to its “Hardest Hit Fund,” a fund aimed at supporting housing markets in states that have suffered the most through the recession. [...]
Tags: borrowers, homeowners, housing market, mortgage finance, mortgage lenders, mortgage payments, Obama administration, Unemployment Rate
Freddie Mac reports loss, seeks another $1.8 billion in taxpayer bailout
August 10th, 2010 by Mortgage Writer
Mortgage giants Freddie Mac and Fannie Mae, between them, have needed $148.2 billion in bailout money since late 2008 to stay afloat. The aim is to ensure that mortgage credit remains available.
The mortgage-finance company Freddie Mac reported a $4.7 billion net loss for the second quarter Monday, due to a rise in home loans that [...]
Tags: credit, fannie mae, federal reserve, financial crisis, foreclosure, Freddie Mac, home loans, housing market, mortgage, mortgage companies
Mortgage Rates Drop to Record Lows This Week
August 9th, 2010 by Mortgage Writer
Mortgage rates for home loans in the US fell to their lowest levels ever this week, according to a survey released by Freddie Mac on Thursday.
Both 30-year and 15-year mortgage rates fell, according to the survey.
The 30-year fixed-rate fell to 4.49 percent, down from the 4.54 percent recorded last week, and the average 15-year rate [...]
Tags: financial, Freddie Mac, home loans, homebuyers, housing market, money, mortgage rates, real estate loans, tax credit
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